BELLEVILLE, ON, Sept. 11, 2013 /PRNewswire/ - Bioniche Life Sciences Inc. (TSX: BNC) (ASX: BNC), a research-based, technology-driven Canadian biopharmaceutical company, today issued an open letter to all shareholders from Founder, President & CEO, Graeme McRae, regarding his going forward role with the Company:
Dear Fellow Shareholders,
I am writing to advise you of my changing role with Bioniche Life Sciences Inc., the Company I founded with the support of 100 Ontario veterinarians more than 34 years ago.
Given the Company's intention to divest its Animal Health business and One Health/VMC business, the focus of the business going forward will be on the Human Health side. The expected influx of cash associated with the sale of these assets will enable the Company to repay debt, provide the financial resources to commercialize Urocidin™ for non-muscle-invasive bladder cancer, and return some capital to shareholders.
As announced in an open letter to shareholders in June, 2013, I will be stepping down as President & CEO of the Company upon the hiring of a new CEO for Bioniche Life Sciences Inc. The selection of a new CEO is in process and is expected to be announced in the near future.
The Board of Directors (Board) is appointing me Chairman Emeritus. This is a non-voting position that allows me to continue to contribute my years of experience and vast network of industry contacts in an advisory capacity.
At the same time, the Board has offered to engage me in a consulting contract, whereby I will provide business development support to the Company related to several defined projects, including the divestment of the Animal Health and One Health/VMC businesses.
My new role in the Company is an exciting one for me. It allows me to focus on key projects without being involved in day-to-day operational management, which has become increasingly demanding over the past few years.
The Company has had numerous successes over the years, including registering several new technologies in Animal Health, developing and registering the world's first E. coli O157 cattle vaccine, developing one of the few new bladder cancer technologies in decades (and progressing it to Phase III), and building a team of skilled, professional employees.
I have no doubt that the Company's streamlined focused and enhanced financial position going forward will make it viable and successful in the future. I am proud to have contributed to building the foundation for this success and I look forward to celebrating future corporate achievements with all of my fellow shareholders.
About Bioniche Life Sciences Inc.
Bioniche Life Sciences Inc. is a research-based, technology-driven Canadian biopharmaceutical company focused on the discovery, development, manufacturing, and marketing of proprietary and innovative products for human and animal health markets worldwide. The fully-integrated company employs more than 200 skilled personnel and has three operating divisions: Human Health, Animal Health, and Food Safety. The Company's primary goal is to develop and commercialize products that advance human or animal health and increase shareholder value.
For more information, please visit www.Bioniche.com.
Except for historical information, this news release may contain forward-looking statements that reflect the Company's current expectation regarding future events. These forward-looking statements involve risk and uncertainties, which may cause, but are not limited to, changing market conditions, the successful and timely completion of clinical studies, the establishment of corporate alliances, the impact of competitive products and pricing, new product development, uncertainties related to the regulatory approval process, and other risks detailed from time to time in the Company's ongoing quarterly and annual reporting.
SOURCE Bioniche Life Sciences Inc.